Hinckley & Rugby Building Society has expanded its Income Flex range with a new 95% loan-to-value (LTV) mortgage product, offering a 2-year discount rate of 6.45%.
This product is tailored for first-time buyers and those re-entering the housing market, particularly those with non-standard or complex income streams.
The Income Flex range is designed to help potential homeowners who can afford mortgage repayments but struggle to save for a large deposit amid high rental and living costs.
It allows for borrowing up to 5.5 times income without a minimum income requirement, catering to contractors, the self-employed, those with commission-based earnings, and applicants with only one year’s accounts.
This mortgage solution maintains Hinckley & Rugby’s standard affordability criteria, ensuring there are no additional burdens on borrowers despite the flexible income considerations.
